"The co-chairs of President Obama’s deficit commission offered a scary forecast of what could happen if Congress ignores their panel’s recommendations and does not act to bring the nation’s deficit and debt under control. First, financial trouble could come quickly, said former Sen. Alan Simpson, co-chair of the National Commission on Fiscal Responsibility and Reform.
It won’t be the old slippery slope [stuff] that we read about. It will be very swift and very dramatic like in Greece or Ireland or Portugal or Spain.” He added, “It won’t take long. It won’t be like a year to prepare – it will be ‘woosh,’ like that.”
The panel’s other co-chair, Erskine Bowles, President of the University of North Carolina, said that the biggest threat to US national security “is the buildup in this debt… because we won’t have the capital to fund our military.”" (CS Monitor, 19 November 2010)
Well done Obama, the USA is now "...the best looking horse in the glue factory".
© 22 November 2010